Bitcoin bulls are currently making a determined push to conquer the resistance zone around $27k. Their goal? To reclaim the coveted $30k mark. This move is expected to breathe new life into the altcoin market, led by Ethereum (ETH), which has been showing signs of recovery after weeks of price capitulation.
Moreover, some crypto analysts are predicting that the bearish sentiment that plagued September might be on the way out, with Bitcoin and altcoin prices anticipated to rise in October.
On-chain Analysis: Santiment’s Insights on Bitcoin and Ether
Market intelligence platform Santiment recently conducted an on-chain analysis that sheds light on the current state of Bitcoin and Ether. According to their findings, Bitcoin’s address activity has surged to its highest level this year, coming just six months before the fourth halving event.
However, Santiment also pointed out that crypto-whale activity has been on the decline in recent times. These large players seem to be waiting for a clear entry signal. Notably, the number of Bitcoin whale transactions involving less than $100k has dropped from over 11,000 in July and August to approximately 5,491 in September. Similarly, transactions involving more than $1 million have decreased from over 2,600 to about 1,097 this month.
Despite this, both Bitcoin and Ethereum have seen an increase in their daily active addresses, even as the market capitalization of stablecoins steadily declines.
Price Action: Bitcoin’s Crucial Crossroads
As Bitcoin hovers in a state of uncertainty, its price is at a critical crossroads, with two potential outcomes. According to crypto analyst Captain Faibik, Bitcoin could either rally towards $31.8k or retrace towards $25k, depending on the upcoming price action in the next few days.
In summary, the crypto market is witnessing an intriguing tug-of-war between bulls and bears, with Bitcoin’s next move being closely watched. Altcoins, especially Ethereum, are poised for a potential resurgence, and October holds the promise of renewed optimism for the crypto space.